SOURCE: Universal Vision Group

Universal Vision Group

April 02, 2012 10:00 ET

Universal Vision Group to Merge With Webteh Creating International Pre-Paid Card Issuing Conglomerate in Industry Expected to Surpass $440 Billion by 2017

Deal Brings Hundreds of Clients and Numerous Banking Relationships to New York Based Universal Vision Group

NEW YORK, NY--(Marketwire - Apr 2, 2012) - Universal Vision Group Inc. (UVG), a leading provider of prepaid cards and e-commerce software, is pleased to announce that it has reached an agreement with Webteh d.o.o. and its founders whereby Webteh will become a wholly-owned subsidiary of Universal Vision Group as it expands globally.

The merger will see Webteh bring its Visa and MasterCard registered 3D secure PSP, ensuring full compliance with both certification requirements. In addition Webteh is a listed ISO/MSP in 3 countries with several banks and is fully Payment Card Industry (PCI) compliant. Webteh has hundreds of clients internationally as well as numerous banking relationships, bringing immediate value to the amalgamation.

Universal Vision Group is a leading provider of international multi-currency pre-paid cards to both corporate users and consumers on its proprietary software that offers a complete Tier 1 pre-paid card issuer processing infrastructure. The company is also e-commerce Payments Systems Provider with multiple banking relations and clients across America and internationally.

UVG is expanding the business of branded pre-paid cards and other payment solutions to serve the global marketplace and is developing software that will change the future of the industry. With its headquarters, customer and IT support located in Manhattan, UVG provides card management processes, including card issuance, card activation, transaction processing, dispute management, card fraud management, card customer support and card scheme compliance.

Benny Doro, President of Universal Vision Group, commented, "The total value of the branded prepaid card opportunity in the United States is expected to surpass $440 billion by 2017 and as the prepaid segment continues to evolve, public and corporate sectors will drive growth here in America. We intend to capitalize on the biggest sectors by introducing its solutions to the corporate sector, driven primarily by payroll, healthcare and general use branded prepaid."

And Igor Grcman, Senior Vice President and Vice Chairman of the Board of Webteh, noted, "This merger is an exciting move for us and we anticipate a dramatic growth in sales as we grow internationally with our products and services."

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Contact Information

  • Contact information:

    Benny Doro
    Email Contact
    Phone 1-212-785-6200